When Elon Musk took Tesla public back in 2010, Goldman Sachs had its name at the top of the prospectus. Sixteen years later, history is repeating itself and the stakes couldn’t be higher.
SpaceX has handed Goldman Sachs the coveted “lead left” position on its IPO prospectus, cementing the bank’s place at the helm of what many on Wall Street expect to be the most consequential stock market debut ever attempted. Morgan Stanley follows Goldman on the filing, with Bank of America, Citigroup and JPMorgan Chase rounding out the top tier.
Prospectus made public on wednesday
The prospectus, which sources say could be made public as soon as Wednesday marks a formal step toward a listing that has been the subject of speculation, whispers and anticipation for the better part of two years. SpaceX is targeting a Nasdaq debut as early as June 12, trading under the expected ticker symbol SPCX.
The numbers being floated are hard to wrap your head around, the company may look to raise up to USD 75 billion, at a valuation hovering around USD 1.75 trillion a figure that would make it the largest IPO ever completed on a public exchange, surpassing even Saudi Aramco’s record-breaking 2019 offering.
SpaceX working with 21 banks on the deal
SpaceX is working with at least 21 banks on the deal one of the largest underwriting syndicates put together in recent memory. Beyond the five lead banks, another 16 have signed on in smaller roles. Internally, sources say the offering carries the codename Project Apex a name that feels less like a coincidence and more like a statement of intent.
Goldman’s position at the front of this lineup isn’t entirely surprising the last time Musk took a company public, in 2010, Goldman led that Tesla offering as well, with Morgan Stanley, JPMorgan and Deutsche Bank behind it. That Tesla bet turned out quite well for everyone involved. Investors will be hoping for a similar outcome here.
The timing matters too. SpaceX’s debut arrives at a pivotal moment the IPO market has been slowly clawing its way back after a rough couple of years marked by volatility and uncertainty. A successful SpaceX listing could breathe confidence back into the pipeline of companies waiting in the wings.
